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THE 




fjT OF jyPECULAT 



ION 



SECRETS OF WAIL STREET 



FULLY EXPLAINED. 



\S BY 

J. HICKLING & CO., 
g|anbet|$ and gtoch ^gr[oherts, 



72 BROADWAY and 11 NEW STREET, 

)ppo8ite Stock and \ 
Gold Exchanges, j 



NEW YORK. 






Entered according to Act of Congress, in the year 137-1, by John Hicki.lng, In 
the ofilce of the Librarian of Congress, at Washington. 



-<t 



<■- 



CONTENTS. 



^ t XI 

H6 Z 



Part First. 

PAGE. 

Wall Street Finance 3 

The Broker's Little Game 3 

Cliques or Pools 4 

Capital Required 5 

Privileges, or Puts and Calls 6 

How they Run • 7 

The New System 8 

Commission on Puts and Calls 9 

Price of 30 Day Privileges 9 

Profit on a Put, $4,588 10 

Form of a Put Contract 10 

Profit on a Call, $9,388 11 

Form of Call Contract , 12 

Double Privileges 14 

Profit, $16,880 15 

Form of Double Privilege 16 

Sixteen Chances to One i 18 

Facts and Figures 19 

The Lion's Share 20 

Instructions for Ordering Privi- 
leges 22 

Terms used in Wall Street 25 



Part Second. 

PAGE. 

Speculation 26 

Margin 28 

Carrying Stock 28 

Commission 28 

Options 29 

The Brokers' Rule 29 

Long of Stocks or a Bull 30 

.Selling Out 30 

Call Loans 31 

Tight Money Market 31 . 

Short of Stocks or a Bear 32 

Covering a Short Sale 33 

Corners 34 

Modus Operandi 35 

Double Operations 37 

Profit, $13,700 38 

Investments 39 

Price of Stocks for 14 Years 44, 45 

Railroad Statistics 46 

List of Stocks 47 

Notes 48 



> 



~l 



The Art of Speculation. 



PART FIRST. 



Jill ^tXttt JUWtttt.— The remarkable devel- 
opment of financial and commercial enterprise in 
the United States the last half century has aston- 
ished the whole civilized world, and "Wall street 
during that time has become -the great centre of 
finance and speculation. 

The New York Stock Exchange is a new and 
spacious building devoted to the sale of Railroad 
Stocks, Bonds and other Securities. It extends 
from Broad street to New street, having an en- 
trance on each side ; also one in v7all street. The 
Custom House, Treasury, Private and National 
Banks, and other - moneyed institutions, being in 
the immediate vicinity, form a perfect nucleus of 
wealth. 

'jilt fBrOfctt'S' sCttttf <Bto«W,--The hours in 

which the Bulls and Bears transact business are 
from 10 A. M. to 3 P. M , and any one wishing to 



v- 



Secrets of Wall Street. 



view those animals in their daily pastimes can do 
so by entering the visitors' gallery. At the 
present time the Board of Brokers consist of up- 
wards of one thousand members, and the aggregate 
amount of business which passes their hands in 
one year is computed at about fifteen thousand 
millions of dollars, or an average of nearly fifty 
millions a day. As fast as sales are made they 
are telegraphed all over the city, and thence to all 
parts of the country, so that a person thousands 
of miles away can take advantage of the fluctua- 
tions in the Stock Market, and have facilities for 
operating from day to day the same as a resident 

of Xew York City. 

,i 

4.UqUl$ Ot* §5tffll&— Men in Wall street, starting 

with a few hundred dollars, and observing the 
rules which guide leading speculators, have, by 
boldness and skillful manipulation, become the 
possessors of millions. These nabobs are con- 
tinually formimg new enterprises, and frequently 
combine in controlling Railroad and other corpora- 
tions. They tighten money: lock up gold, and 
raise or depress the price of stocks at will ; in- 



♦- 



J. Hickltng & Co., 72 Broadway, N. T. 

deed, their influence is felt in every financial com- 
munity. 

Very often a Bull Clique and a Bear Clique 
will form ' at the same time in opposition to 
each other — the one to raise prices, the other 
to lower them. The mystic working of these 
cliques produces an active market, when stocks 
change hands with great rapidity, often vary- 
ing in price from 2 to 10 per cent, in one 
day, and 20 to 30 per cent, in a month. 

4 itpiM Uttytttotf.— unto recent y ears lt was 

considered indispensable to have a large cap- 
ital in order to speculate, and thousands at- 
tracted to Wall street with a view to share 
the immense gains derived from dealing in 
stocks and other securities, have been deterred 
from operating, either from lack of capital 
or the requisite knowledge how to invest. 

This is all changed. We are living in an 
age of progress, in which old systems and 
ideas must give place to new. By the aid 
of this pamphlet all may have an equal chance 
of reaping a golden harvest, and we shall 



-^ 



-^ 



Puts and Calls, $10.65 Each. 



show that men of small means may do a 
large business in stocks and bonds without 
incurring the usual risks, and yet succeed in a 
comparatively short time in making a fortune. 

TJJriwUffltf, ov §uts$ and (Balte—it m* 

'* recently become quite popular to deal in stock 
Privileges, known as Puts, Calls and Double 
Privileges, not only with Xew York specula- 
tors, but more especially those living a dis- 
tance away. We notice that many careful 
and shrewd operators adopt this plan, which 
seems likely to supersede all other methods 
of speculating on small capital. 

Holders of these contracts are always, pro- 
tected from loss, and under any circumstances 
assume no risk or responsibility beyond the 
small amount paid for the Privilege; while 
if the market should favor them, their profits 
on $100 investments are as large as would, 
under the old system, require a capital of 
$5,000 to $20,000. 

Stock Privileges, or Put and Call contracts, 
are of three kinds, viz : 



4- 



Double Privileges, $21.25. 



-+ 



n 



A Put Privilege. 

A Call Privilege. 

A Double Privilege (or Straddle, which is 
a Put and a Call combined). 

The first is used if you think stocks will 
decline. 

The second is used if you think stocks 
will advance. 

The third is used if you are uncertain 
which way they will go. 

Each one of these Privileges is found of great 
advantage under certain circumstances; but 
Double Privileges are more frequently sought 
after, for, which ever way a stock .may go beyond 
the price of the contract, a profit is certain. 

OU* tlWy |Uttt.— These Privileges are issued 
by capitalists largely interested in certain 
stocks, and made generally for thirty days. 
The rates are about 2 per cent, away from 
the market price, but vary from time to 
time, and are higher or lower according to 
the feeling on the street or the activity of 
the market on the day of negotiation. 



6 Per Cent. Allowed on Deposits, 



Each Privilege realizes a profit in propor- 
tion to the fluctuation beyond the price of the 
contract during the thirty days. A rise or 
fall of 1 per cent, gives a profit of $100 on 
a Call or Put for 100 shares of stock, 5 
per cent, gives a profit of §500 on 100 
shares of stock, and so on; but it must be 
remembered that the amount of profit will be 
regulated by the market price on the day the 
contract is closed. A Privilege may be closed 
any time during the thirty days — it is not 
necessary to wait until the day it expires. 



t 



\l£ %Xt\V j^ySt? tU*— All the leading houses 
issue privileges on 100 shares of stock, but, to 
afford an equal opportunity to all who wish to 
make the experiment on a small scale at first, 
we have decided to issue Puts, Calls and 
Double Privileges on 50 shares, 25 shares, and, 
if desired, we are often in a position to issue 
them on 10 shares. We are at all times pre- 
pared to negotiate Privileges on Members of 
the Stock Exchange or responsible firms, and 
will issue our own contracts, or guarantee those 



^- 



Subject to Check at Sight. 



negotiated by us and pay the profits on same in 
cash or by check immediately on presentation. 

^ammtesicrtt ow ^uts and GHatlg.-our 

' Commission on Puts and Calls is 
$0.65 on 10 shares. "] 
$1.50 on 25 shares. I 
$3.00 on 50 shares. \ Shlgle Pul 0r CalL 
$6.00 on 100 shares, j 

$1.25 on 10 shares. 

$3.00 on 25 shares. 

$6.00 on 50 shares. 

$12.00 on 100 shares. 



Double Privileges. 



1Jri« at 3d §mj *griv'\\t$t$, including 

'I commissions : 

A Put or Call on 10 shares costs. $10.65 

A Put or Call on 25 shares costs. 26.50 

A Put or Call on 50 shares costs. 53.00 

A Put or Call on 100 shares costs. 106.00 

A Double Privilege on 10 shares costs. 21.25 

A Double Privilege on 25 shares costs. 53.00 

A Double Privilege on 50 shares costs. 106.00 

A Double Privilege on 100 shares costs. 212.00 



-<> 



10 7 P £r C ent - Allowed on Customers* 


y 


IJrOfit fltt.a §tlt, $4,588.-To prove our 
fJl assertion that money can be made easier in 
the New York Stock Market than anywhere 
else, we will first illustrate a Put Privilege. 

On the 9th September, 1873, New York and 
Harlem Railroad Stock was selling at 140 
after an advance of 26 per cent, or $2,600 
on 100 shares. At that price it was quite 
reasonable to expect a decline, and supposing 
that to be your judgment, you obtain a Put on 
that stock, say at 137, costing $106 on 100 
shares. The following would be a copy of 
the contract: 

#orra of gut Gtontrad. 

1 




New York, Sept. 9th, 1873. 
The bearer may Put or deliver to us one 
hundred shares of the capital stock of the New 
York and Harlem Railroad, at 137 per cent, 
par value, any time within 30 days from 
date. The undersigned is entitled to all 
dividends declared during that time. 
Expires Oct. 9th, 1873. 

J. HlCKLING & CO. 




-O 




— -j> 



-4 



Accounts, Daily Balances. 11 

Eleven days afterwards, Sept. 20th, N. Y. & 
Harlem fell to 90, and if you had closed the 
contract on that day you could have bought 
the stock in the market at 90 and Put or 
delivered it to us at 137, or we would pay 
you the cash difference of 47 per cent., and 
your profit would be as follows : 

EXA3IPLE. 

Put on 100 N. Y. & H., Sept. 9th, at 137 $13,700 

Contract closed Sept. 20th, at 90 ' 9,000 

Profit to holder of Put. . . $4,700 

Deduct amount paid for Privilege 106 



$4,594 
Commission for closing contract 6 



Net gain. 



The above profit is gained on an investment 
of $106. If you had taken a Put on 50 shares 
only, the profit would, of course, be half that 
sum, or $2,294, and a put on 25 shares, 
$1,147. 

^t^ftt Ott » GMt, $a,a88.-We will next 
'i show what you could do on a Call Privilege. 



<s 



--0 



12 



Dividends and Coupons Collected. 



On the 11th November, 1872, Chicago and 
Northwestern Common was selling at 77 ; 12 
days later, the 23d same month, it was 230. 
Supposing, you decided to take a Call, say at 
80, the following would be a copy of the con- 
tract we should send you: 

%Qtm of flail Contrart. 



New York, Nov. Uth, 1872. 
The bearer may Call on us for one 
hundred shares of the common stock of the 
Chicago and Northwestern Railroad, at 80 
per cent, par value, at any time within 30 
days from date. The bearer is entitled to all 
dividends declared during that time. 
Expires Dec. llth, 1872. 

J. HlCKLING & CO. 



A short time afterwards the stock advanced 
with a bound to 230, and we will suppose in 
your anxiety to realize you did not wait" until 
it reached those figures, but Called the stock 
when it was 175. The difference between 



+- 



-> 



-^ 



State Bon as Negotiated. 13 

4 

80 — the price your Privilege enabled you 
to buy it at from us — and 175 — at which 
price you could have sold it in the market — 
would be 95 per cent, or $9,500 profit on 100 
shares. Instead of going through the form 
of buying and selling the stock, we would 
pay you the difference in cash. 

Call on 100 N. W„ closed Nov. 23d, at 175 $17,500 

Price of contract issued Nov. 11th, at 80 8.000 

$9,500 
Deduct cost of Privilege 106 

$9,394 
Commission for closing contract 6 

$9,388 



A Call on 50 shares of the same stock, cost- 
ing $53, would have given a profit of $4,694; 
on 25 shares, $2,347. This is taking the 
stock at 175, but, as before stated, it rose to 
230 — 55 per cent, higher — so that there was 
an opportunity of realizing a much larger profit 
than that given in the foregoing example. 
You will, therefore, perceive we have rather 
under-estimated the case than otheiwise. 



14 Orders for Stock Privileges 

jO>0Ufclt §ritUlegfj5L-Yo U r attention is now 
* called to the last and most important Privi- 
lege — a Double Privilege or Straddle, which 
means both a Put and a Call in one contract. 
The great advantage of a Straddle is, that a 
person entirely unacquainted with stocks, and 
living thousands of miles from New York, 
can operate with more certainty — having two 
chances to gain and only one to lose. If the 
stock should rise, the holder of a Double 
Privilege makes a profit on the Call side ; 
if it should decline, he gains on the Put side. 
It is a matter of indifference which way it goes, 
for he makes a profit in either case. The 
only chance of losing is where the stock re- 
mains almost stationary, which is a very rare 
occurrence indeed. Many New York specula- 
tors adopt this method, which enables them 
to operate largely with the chances of secur- 
ing a fortune on a single transaction, while 
the risk is merely nominal. We recommend 
all to buy a Double Privilege in preference 
to a Put or Call. It often happens, as in 



-^ 



Negotiated at Lowest Rates. 15 

the case of Northwestern, that a stock may 
be high and yet advance from 10 to 100 per 
cent, in thirty days, to the surprise of every 
one but those in the Pool. The fiercest bat- 
tle may be waging between the Bulls and 
Bears, without any apparent victory on either 
side, but the holder of a Double Privilege 
may look on the wreck of millions and calmly 
watch the result without fear of the conse- 
quences, and secure his profit at the most 
favorable opportunity. TTe make these sugges- 
tions to show that it is wise to take a 
Double Privilege in preference to a simple 
Put or Call. 

liVOfit $J6 t 88fl 4 _ We will now illustrate what 

'1 can be done with a Double Privilege. West- 
ern Union Telegraph fluctuated in less than 
one month 38 per cent. It was selling at 92 
on the 3d September, 1873, and everything 
looked bright and prosperous. The company 
had made the most favorable reports, and at 
that time were erecting a magnificent new 
building on Broadway, to meet the require- 

+ 



16 



Government Securities Sold 



ments of their increased business. Holders 
of the stock were confident that the flourish- 
ing condition of W. IT. Tel. would attract 
new purchasers and thereby enhance its value. 
But alas ! the panic came, and their hopes 
vanished away "like the baseless fabric of a 
vision," and in less than three weeks Western 
Union was 54. 

Now, suppose you had taken a Straddle on 
500 shares of that stock at 90 and 94 — 2 per 
cent, from the market each way, the contract 
would read as follows : 



New York, Sept. 3, 1873. 
The bearer may Put or deliver to us 
Five Hundred Shares of the Capital Stock 
of the Western Union Telegraph Co. at 90 per 
cent, par value, any time within thirty days 
from date. 

Or the bearer may call on us for Five 
Hundred Shares of the above named Stock at 
94 per cent, par value, any time during the 
thirty days. 

All dividends declared during that time, 
in either case, go with the stock. 
Expires Oct. 3d. 

J. Hickling & Co. 



-4 



or Purchased for Investment. 17 



Seventeen days later, when the stock was 
selling at 54, you could have closed the Privi- 
lege on the Put side, and we would either buy 
the 500 shares at 90, or pay you the differ- 
ence between 90 and 54, the then market 
price, giving you a profit of $16,880. 

EXAMPLE. 

Double Privilege on 500 W. U. Tel., Sept. 8, _ 

at 90 $45,000 

Put closed Sept. 20th at 54 27*000 

$18,000 
Cost of Privilege 1.0 60 

$16,940 
Commission for closing contract 60 

• $16,880 

Double Privileges give the holders all the 
benefits of the fluctuations of the market, and 
are, in our opinion, the most profitable invest- 
ments that can be made. Old and experienced 
speculators invariably prefer this plan of operat- 
ing on small capital. The new beginner is 
very apt to be a Bull, but experience shows 
that, under the most apparently favorable cir- 
cumstances for a rise, stocks will often decline. 
Therefore, those who ebtain Double Privileges 



-<- 



^_ . 

18 Stock Privileges Guaranteed by 

are sure to be on the right side. They fre- 
quently give a profit, both on a rise and fall of 
the stock. For instance, if you held a Double 
Privilege on 100 shares of Erie, at 50 — 2 per 
cent, from the market each way, and the stock 
rose to 60, there would be a profit of $800 on 
the Call side, and if, before the 30 days expired, it 
fell to 40, you would make $800 more on the Put. 
\ 
J&iXtMtt (SfoUltt* tO ©Hf.-By the new 
I system adopted by us you are enabled to 
take any number of shares your means or 
inclination may prompt. You could take a 
Double Privilege on 10 shares of stock for 
$21.25, including our commission. If you 
wished to invest in 100 shares, costing $212, 
you might select four different stocks, 25 shares 
each, so that if one failed to give a profit, the re- 
maining three would surely make up for the loss. 
Or you could have a Double Privilege on eighjt 
different stocks, 25 shares each, costing $424. 
In the latter case it would be equal to eight 
Calls and eight Puts on eight different stocks, 
or sixteen chances *to win against one to lose. 



"^ 



: ^ 

J. Hie kit ng ■£? Co., 72 Broad-way, N. Y. 19 

C W&t\% M& ^IQUt^lS* — All the foregoing quota- 
* tions occurred on the dates mentioned, and are 
taken from the recorded prices at the Stock 
Exchange. We could refer to many other 
instances of similar fluctuations, but that is 
unnecessary ; one illustration will serve our 
purpose as well as a thousand. We wish to 
state, however, that what has once occurred 
in stocks may, and no. doubt will, occur 
again ; and. therefore, the same opportunities 
of making money in the past will present 
themselves in the future. Of course we do 
not wish to lead any one to suppose that such 
large profits can be expected on every trans- 
action ; but we may, with almost a certainty, 
reckon on a profit of 50 to 500 per cent, on 
the amount invested. That large fortunes are 
frequently made is a fact. Men whose names 
are as familiar as household words, and in- 
deed nearly all the leading speculators of the 
present day have found their first stepping 
stone to wealth in Wall street 



-^ 



: ^ 4. 

20 Profits on Puts and Calls Paid 

U\\t |pOtt'# J5lt8W.— The question will nat- 
urally arise " How is it that capitalists will 
issue these privileges and take the risk of 
paying these large profits ?" The answer is 
very simple, and, when explained, will be 
readily understood. It does not follow that 
because the maker of a Privilege pays a large 
profit that he sustains the loss. In the ma- 
jority of cases he actually gains by the trans- 
action. 

Suppose a large operator buys 1,000 shares 
of Panama at 95 for a rise, and sells a Call 
on the same stock at 100, for which he re- 
ceives 1 per cent, or $1,000 on 1,000 shares. 
Panama advances to 130, and the holder of 
Call closes the contract with a profit of 30 
per cent, or $30,000. The maker of Privi- 
lege being called upon to pay this profit, he 
sells out his stock at the advanced price l 
which leaves him, after satisfying the claim, 
a clear gain of $6,000. 

In the case of the Put, another speculator 
"sells short"* 1,000 shares of Panama at 95 
! ^ 

* See page) 32. 



in Cash or Bank Check. 21 

for a decline, which he desires to buy at a 
reduced price. He then sells a Put say at 
90, and before the thirty days expire, if the 
stock falls to 60 and the holder of the Put closes 
the contract, he is glad to buy the stock, 
which enables him to pay the profit and have 
$6,000 left, as in the preceding case, only 
the operation is reversed. It will thus be 
seen that both parties make a profit — the 
holder of the Privilege, however, receiving 
the lion's share. 

This also explains how we are protected in 
issuing Double Privileges. It is difficult to 
obtain both a Put and a Call from the same 
party, but we can always negotiate a Put 
from one and a Call from another, which 
protects us on both sides, for, if the stock 
should decline, we Put it to the maker of the 
contract, and, if it should advance, we Call it 
in the same manner, paying the profit in 
either case to our customer, less commission. 



-* 



22 The Art of Speculation. 



INSTRUCTIONS 



ORDERING PRIVILEGES. 



All orders sent by mail must be accom- 
panied by the cash, either in registered letter, 
by Postal Money Order, Bank Draft or Express. 

Urgent orders may be sent by telegraph, 
in which case the money should be deposited 
at the branch office of the Western Union 
Telegraph Company where you reside, when 
the amount will be transferred to us by the 
Company in New York, and a telegraphic an- 
swer returned immediateh^ the order is ex- 
ecuted. 

Privileges may be ordered by express, and 
the money paid on delivery — 0. 0. D. 

When orders are prepaid Privileges will be 
sent by return mail same day as received, or 
delivered to authorized agents. 



-^ 



J. Hkkling £f Co., 72 Broadway, N. T. 23 

If requested, we will make investments as 
low as $10.65, $21.25. $26.50, $53, or $106 in 
Privileges, selecting such stocks as we believe 
will be most active. Our experience often en- 
ables us to give valuable suggestions, and we 
take pleasure in furnishing our customers with 
all information in our power tending to promote 
their interests. 

Those who are undecided which way the 
market will go should always order a Put and 
a Call on the same stock, for, whichever way it 
varies, they are certain to make a profit. This 
is called a Double Privilege, and costs $21.25 
for 10 shares, $53 for 25 shares, $106 for 
50 shares, and $212 for 100 shares. 

For the benefit of those living a great dis- 
tance from Xew York we will, when requested, 
hold Privileges, and ' endeavor to close them at 
the most favorable opportunity. Those wishing 
contracts closed in this manner should state 
their view3 as regards profits, to a certain 
extent, to guide us as far as possible in carry- 



+ 



24 Secrets of Wall Street. 



ing out their instructions with satisfaction to all 
concerned. 

"When the profit on a Privilege is paid the 
contract must be surrendered to us and re- 
turned in every instance, without fail, to enable 
us to collect counter claims. 

In corresponding, be careful to inform us how 
your letters should be addressed, giving name, 
residence, town, county and State as plainly as 
possible, to facilitate quick despatch. Delay is 
sometimes occasioned by failure to follow this 
rule, and that is our apology for making these 
remarks. Letters requiring answers at all times 
receive our prompt attention. All we ask is 
your cooperation. 

All correspondence strictly private and con- 
fidential. 

Address all orders and communications, 

J. HICKLING & CO., 

72 Broadway, 

New York. 



■+- 



J. Hickling & Co., 72 Broadway, N. T. 25 



PART SECOND. 



BUYING AND SELLING STOCKS ON MARGIN. 
INVESTMENTS IN STOCKS, BONDS, Etc. 



V 



txm %ed itt Wall J^tr^et.— in the first 

part of this book we have recommended the 
Put and Call system as eminently adapted for 
operating in stocks on a limited capital, and 
it will be remembered that persons who wish 
to start on a small scale at first, can, by order- 
ing through us, make the experiment on as 
small sums as $10 65, $21.25. $26.50, $53 and 
$106. We will now consider buying and selling 
stocks on margin, or as an investment, and 
point out the various terms used by the 
brokers, so that those unacquainted with stock 
operations may be familiar with their meaning 
and significance. 



-> , 

26 Stocks and Gold Bought 



jPtHtlatlOtt.— And, first of all, what is specu- 
lation? It is buying something you do not 
need for present use, with the expectation of 
selling it at some future time at a profit. The 
love of gain is an inherent principle of human 
nature, and, in one sense, the foundation of all 
enterprise. The desire to make money is the 
mainspring of speculation. The merchant who 
buys a larger quantity of merchandise than is 
necessary to supply his present demands specu- 
lates, either because he considers certain goods 
cheap or is anxious to secure a monopoly in 
them for his own exclusive benefit. The miller, 
anticipating a bad harvest, buys up all the grain 
his means and credit will permit, and waits his 
opportunity of selling it when there is a 
scarcity in the market and he can command 
his own price. He may, by economy, per- 
severance and years of close application to 
business, succeed in making a competency as 
the fruits of honest industry; but he prefers to 
adopt a quicker method, and enters the arena of 
speculation, which opens to him the way of 



and Sold on Commission. 27 

making as much money in a single year as 
would, by the slow, plodding process, consume 
nearly a whole lifetime. 

The successful speculator will always look 
ahead and watch the signs of the times. Scan- 
ning the distant horizon in the commercial and 
financial world, he will foresee "Coming events 
which cast their shadows before," and be the 
first in the field to profit by them. In a 
general way the result of speculation will de- 
pend upon the exercise of good judgment, but 
in some instances will be governed by circum- 
stances over which we have no control. How- 
ever, the fact remains, if we understand it 
aright, that the wealthiest men in all branches 
of business are speculators. The old maxim of 
" buying cheap and selling dear " is the sine qua 
non of speculation, and the same principle 
which rules trade and commerce equally ap- 
plies to stocks. A wealthy speculator in Wall 
street being asked one day how he made his 
money, replied, "I bought with the rise," An- 
other retired gentleman, in answer to the same 
question,' replied, ' ; I sold with the fall." Each 



28 Investments made in 

was equally successful, though taking a differ- 
ent course. 

f|liU'l)Ul. — A margin is a sum of money deposited 
w * with a broker as security for buying stock- 
when the speculator has not sufficient capital 
to pay for it or does not wish to invest his 
own money. The amount of margin required is 
generally about 10 per cent, of the par value of 
the stock ($10,000), which would be $1,000 on 
every 100 shares. 

4,KVn)itt0 #t0C&.— Supposing you want 100 
shares of New York Central and Hudson at 90, 
you give your broker the order and $1,000 as 
margin. He then buys the stock which, at 
$90 a share, would cost $9,000, and furnishes 
the balance of $8,000 to complete the purchase, 
charging you interest on that amount until the 
stock is sold. 

0tttttM$$l0tt«— The commission for buying or 
selling stock is \ per cent, or $12.50 on 100 
shares, and is uniformly the same, irrespective of 

* > 



Dividend Paying Stocks. 29 

the value of the stock. For instance, a hun- 
dred shares of Union Pacific at 30 would cost 
$3,000, while 100 New York and Harlem at 
130, would cost $13,000. Yet the commission 
in each case would be the same. 

|»Jnt0tti9L — Stock sold for cash is delivered on 
- the same day, but if sold regular it is deliv- 
ered on the following day. Under certain con- 
ditions of the market the difference between 
cash and regular is sometimes as much as 1 
and 2 per cent. The seller may ask for three 
days' grace before delivering the stock, which 
is called seller's option (s. 3), or the buyer may 
ask for 10 days (b. 10), and that would be a 
condition of the transaction. 

Wbt §Mto' f|ttltf. -Whatever the terms of 
the sale may be, they must be scrupulously 
observed by both parties, and the contract car- 
ried out in perfect good faith. Should any 
dispute arise, however, the case is referred to 
a committee of the Board, who decide the 
question on its merits, according to the laws 



-^ 



^ 

30 Loans Negotiated on 



and regulations which are made for the mutual 
protection of all members of the Association, 
and their decision is final. If any member 
should refuse to conform to that decision, or 
fail in any manner to fultil his engagements, 
he is either fined or suspended from the Board, 
as the penalty may require. 

[Olig Of £t«feS, OV a §tttl.-The broker 
t now having the 100 shares of New York 
Central in his possession, which he is carrying 
for you on margin, makes you Long of Stock. 
A rise of 1 per cent, in the market is equal 
to $1 a share, $100 on 100 shares, $1,000 on 
],000 shares, and so on 

)CUt!!Q ©ttt.— We will suppose New York 
Central rose to 105, at which price you de- 
cide to sell the 103 shares bought at 90. The 
profit would be 15 per cent, or $1,500. 

EXAMPLE. 

Sold 100 shares N. Y. Cen. at 105 $10,500 

Bought 100 shares N. Y. Cen. at 90 9,000 

$1,500 



Good Collateral Security. 31 

The transaction being closed, the $1,500 is 
added to the $1,000 deposited in the -first in- 
stance, and placed to your credit, subject to 
your order, and bearing interest at the rate of 
7 per cent, per annum until again invested. 

c£j Jul i,QHU$. — When a broker is carrying more 
stock for his customers than his capital will 
pay for, he borrows money from another broker, 
giving a portion of stock in his possession as 
collateral security. This is a Call Loan, or 
Borrowing on Demand.' 



%W 



!($0tWy ^X^X IWt.— The usual rates for 
Call Loans are 7 per cent., but when money 
is tight higher rates prevail. This is done by 
withdrawing greenbacks from circulation, which 
compels those who want money to pay what- 
ever is asked for it — sometimes as high as 1, 
2 and 3 per cent, a day. In the commercial 
world every monopoly exerts its influence on 
the community, and it is the same in finan- 
cial affairs. The combined action of a clique 
in making money scarce answers a double pur- 



^ 

I 32 7 Per Cent. Interest Allowed 

pose. The object of locking up greenbacks is 
not so much to force borrowers to pay an ex- 
tortionate rate for its use, as to compel those 
who are long of stocks to sell out. The chief 
aim is to make it so expensive to carry stocks 
that holders will unload. In proportion as the 
screws are tightened the number of operators 
offering stocks on the market increase, until, 
in the hurry and confusion, a temporary panic 
- ensues, and prices fall 5 or 10 per cent. The 
clique then step in and buy, and when suffi- 
ciently loaded, the money locked up is again 
put into circulation and loaned at low rates, 
the effect of which is to send prices up. As 
before, stocks declined with a stringent money 
market, so, when money becomes easy, they 
advance, enabling the clique to sell out at a 
handsome profit. 

i 4foort o( ^'tortus, or a firar.-A short 

; I sale is a contract to sell and deliver a stock 
which you do not own. You sell what you have 
not got, in the expectation of buying it back 
at a lower price. Being short of stock is like 

* ■ • a 



-4 



on Customers'' Accounts. 33 

being short of money that you are obliged to 
pay, so you have to borrow, trusting to the 
future to make good the loan. As a per- 
son Long of Stocks buys for a rise, so one 
Short of Stocks sells for a decline. Having 
sold short, and borrowed the stock for de- 
livery, you must .pay it back ; that is, you 
must buy it back at some time before the 
transaction can be closed. If you buy it back 
cheaper, you gain ; if you pay more for it, 
you lo'se. 

$0»Wittfl a £ftMt £alf.-Ve will suppose 

you sell short 200 Lake Shore at 80. As you 

have not got the stock, you borrow it for 

delivery to the purchaser, who gives you a 

certified check for $16,000 in payment. You 

then pass this check over to the party who 

loaned you the stock, as security, and if Lake 

Shore in the meantime declines to 75 you buy 

200 shares in the market, costing $15,000, and 

return the borrowed stock, receiving back the 

$16,000 and making a profit of $1,000. Should 

Lake Shore go up to 85 and you were called 
2 



4 __ 

34 The Art of Speculation, 

upon for the stock, you would be compelled to 
buy it in the market, costing $17,000, which 
would entail a loss of $1,000. 

If you did not take the latter course, when 
the stock advanced you would have to deposit 
$1,000 more as security to the loaner, as it 
would be worth that much more in the market. 
By thus protecting your short sale a loss 
would not necessarily follow, for you could stay 
short and wait for a sufficient decline to make a 
profit. 



€ 



OtttCfjSu — A corner in stocks is another manipu- 
lation of the cliques, but of very rare occurrence, 
as it is a difficult thing to accomplish. To be 
" forewarned is to be forearmed," and as it is 
possible to have a corner in stocks at any time, 
the speculator should endeavor at all times to 
be prepared for such a contingency. There is 
always a clique buying up all they can of a cer- 
tain stock, and very often the Bears are selling 
it at the same time. If the Bulls succeed in 
getting the control when there is a large short 
interest in the market, they will immediately 



' ^ 

J. Hickling & Co., 72 Broadway, N. T. 35 

raise the price and vigorously continue to do so 
until the shorts have covered, which, of course, 
they cannot do without loss. The clique hold- 
ing all the available stock, the Bears, or shorts, 
cannot borrow any from other brokers, and are 
cornered. They are, therefore, compelled to buy 
from the clique at whatever price they choose 
to ask. When this occurs those who cover first 
sustain the least loss, but those who hold on to 
v the last will suffer the most. 

OtlUlS ©peraiUlt*— There are certain principles 
underlying the successful application of stock 
speculations which, if understood, will guide the 
operator in taking advantage of the market. It 
must always be remembered that two forces are 
continually at work in Wall street, the effects 
of which you must endeavor to turn to your 
own profit. The great secret of success is, 
never let your neighbor know what you are 
doing. Let this be your motto, and never lose 
sight of its importance — for to secrecy, more 
than anything else, all the leading men on 
the street to-day owe their position and wealth. 



36 6 Per Cent. Interest on Deposits 

Never speculate beyond your means ; there are 
many influences at work to tempt the operator 
to rush blindly into the stream of speculation 
and go beyond his depth. The speculator who 
is not guided by the exercise of discretion and 
common sense should not complain if his indis- 
criminate investments terminate in disaster. 
Rumors and false reports are commonly resorted 
to for the purpose of producing certain effects. 
The very circumstance calculated in your 
mind to produce a rise, may have been an- 
nounced for a contrary purpose. The news 
■ which you regard as fresh may have been 
known and acted upon hours previous to your 
entering the market, and a sudden break down 
follow an upward movement, so that, while 
congratulating yourself on a sure thing, you 
may be actually left out in the cold. In such 
instances it is often best to act on your own 
judgment, using caution or boldness as necessity 
may require. 

The price of stocks is often influenced by 
money, which like all other commodities is 
governed by the law of supply and demand. 
^_ 



-> 



Subject to Check at Sight. 37 

When an abundance of money is in circulation 
it is more easily obtained at low rates, so you 
buy stocks because it is easy to carry them. 
On the other hand, if money is scarce, the 
rates become higher, you therefore sell to avoid 
the expense of carrying. 

It is not necessary to be present in Wall 
street in order to operate in stocks. There is a 
large class who never or seldom visit even their 
brokers' offices, sending their orders by letter or 
telegram. Persons away from Xew York can 
give instructions to their brokers, who will carry 
out all orders the same as though their cus- 
tomers were present in person. 

}>0UM£ ©pMittiflttSu— After selling out your 
stock when the price has advanced considerably, 
and you believe there will be a reaction, you 
may determine to sell short — that is, you sell 
double the number of shares which you were 
carrying. For instance, if you were long of 500 
shares of Toledo and Wabash at 40, and the price 
went up to 55, you would sell the 500 shares 
at 15 per cent, profit, or $7,500, but if you 



-> 



38 Bills of Exchange on London, 

believed, after such an advance, that Wabash 
would decline in price, you would sell short 
500 extra, and if it afterwards fell to 45 you 
could cover at a profit of 10 per cent, or 
$5,000, closing the transaction with a profit 
both ways, making altogether $12,500 by the 
double operation. 

fflutj $J3,I7UU« — Let us take for example 
"Western Union Telegraph, one of the most 
active stocks, and see what could have been 
done in the latter part of 1873 — from Sept. 
15th to Dec. 6th. During that time the re- 
corded price will show eight large fluctuations, 
which, if the speculator had secured the ad- 
vantage of by double operations on 100 shares 
of stock would have yielded a small fortune on 
an investment of $1,000 in less than three 
months. 

EXAMPLE. 
1873. 

Sept. 15. Sold Short. 100 W. U., at 90.. $9,000 

Oct. 2. Bought.... 200 " " " 60. $12,000 

Oct. 5. Sold 200 " " "73 14,600 

Oct. 15. Bought.... 200 " " "45.. 9,000 

Oct. 23. Sold........ 200 u " -'59 11,800 

Nov. 1. Bought .... 200 " " "43.. 8,600 

Nov. 17. Sold 200" " "60 12,000 

Nov. 19. Bought.... 200 " " "57.. 11,400 

Dec. 6. Sold 100" " " 73 7,300 

$41,000 $54,700 
41,000 

Profit $13,700 



+- 



1 

Dublin and Europe, 39 



JlUVCStm t\\\$. —"How shall I invest my money?" 
is ever and anon the cry of the merchant, 
tradesman, clergyman or mechanic. All kinds 
of experiments are made and many methods 
employed to secure the desired result. Every 
decade brings forth some new mania which 
takes hold of the public. At one time there 
will be a rush for real estate, and every man 
thinks it his first duty to buy a home for 
his family. The motive is a worthy one, but 
where a man pays only a small amount down, 
depending upon his future resources to com- 
plete the purchase, he generally fails in realiz- 
ing his expectations ; for, should he be unable to 
meet an installment or interest on a mortgage, a 
foreclosure takes place, and he is not only 
deprived of the property, but loses the whole 
amount paid. Others think they have found 
the philosopher's stone in putting money on 
bond and mortgage, believing they are secured 
against all contingencies, but it is a well known 
fact that thousands have been ruined by this 
form of investment. The last five years have 



-^ 



40 Stocks and Gold Bought 

been marked by a fictitious value in nearly 
every description of property, and the reaction 
which has since taken place shows a deprecia- 
tion of 40 per cent., and even more. "We con- 
tend and are convinced that investments in 
stocks, bonds, or other convertible securities, 
are much more profitable and attended with 
much less risk. 

There is, of course, some degree of risk in 
every form of investment. The tradesman who 
opens a store can have no guarantee beforehand 
that his business will prove a success. He may 
commence with a capital of $5,000 or $50,000, 
but it is after all a speculation, which, it is 
needless to say, often ends in failure. Let us 
for a moment glance at what is accomplished 
by the merchant or tradesman. Statistics show 
the startling fact that over ninety out of a 
hundred men fail in business, either be- 
coming bankrupt or insolvent at some period 
of their career. There are certainly many 
brilliant examples of remarkable prosperity to 
be found in commercial circles, but they 
are the exceptions which prove the rule. 
. ^ ___ . 



and Sold on Commission. 41 

The merchant, to be successful, must em- 
ploy the proper means of success, and have 
considerable capital. He must subject himself 
to the greatest diligence, and exercise the 
strictest economy in conducting his affairs. He 
must be an expert buyer, and have a perfect 
knowledge of values. Then he is dependent 
upon the system of credit, and, although using 
great care and discrimination in selecting his 
customers, he cannot avoid contracting bad 
debts. 

Following up the merchant, after years of 
persevering industry and many changes of for- 
tune, we find his stock increased, his liabilities 
increased, and a large increase of bad debts 
to the account of profit and loss. A commer- 
cial crisis ensues. The market is glutted, but 
no buyers. Creditors' bills become due, but can- 
not be met. As a dernier resort the merchant 
tries inflation, thereby increasing his obligations 
by renewed promises to pay on paper. This is 
" the last straw that breaks the camel's back." 
Stretching every nerve in the vain endeavor 
to maintain his honor and credit, he finally 



& 



42 All Orders Executed and 

becomes a victim to misfortune. His dimin- 
ished assets, consisting of a depreciated stock 
and a list of uncollectable accounts, are handed 
over to his creditors, who close the scene by 
taking full possession of his affairs. 

Investments in stocks and bonds, while offer- 
ing equal, and, in many instances, superior pros- 
pects for making money, present advantages 
not to be found in any other pursuit. The 
investor in Wall street can select such securi- 
ties as will pay dividends at double the rates 
of interest allowed by the banks, and have full 
personal control of the same. His capital is 
no„t locked up, as in the case of the merchant 
who gives long credit. His securities have 
always a marketable cash value, convertible 
into greenbacks at an hour's notice, enabling 
him to sell out his interest whenever he 
thinks well. Should he wish to visit Europe on 
business or pleasure, he can leave his securi- 
ties locked up until his return. If he wishes 
to remain at home, instead of his time being 
engrossed in the monotonous routine of a store 
, or counting room, he has leisure to enter into 



4- 



Returns Promptly Made. 43 

the intellectual pleasures or physical recreations 
of life, without detriment to his pecuniary 
interests. In fine, he has increased facilities 
for watching affairs of national importance, and 
the development of the resources of the country 
opens to him a new and wide field for the 
study of finance. 



STATE BONDS. 

ARKANSAS 6s, F. D ; 7s, R. R. ; 7s, Levee. 

CALIFORNIA 7s, 1877-91. 

CONNECTICUT 6s, 1831-'84; Exempt 1855. 

GEORGIA 6*, various; 7s, 1866. 

ILLINOIS 6s, 1878-80. 

KENTUCKY , 6s. 

LOUISIA NA 6s, various ; 8s, 1886. 

MARYLAND 6s, 1830 ; various. 

MASSACHUSETTS 5s; 6s, guarU 

MICHIGAN 6s, 1873-83 ; 7s, 1890. 

MAINE 6s, various. 

MISSOURI 6s, various. 

NEW HAMPSHIRE 6s, various. 

NEW JERSEY 6s, various. 

NEW YORK 5s, 1375; 6s. C. L. ; 7s, B. L. 

NORTH CAROLINA 6s, old; N. C. : F. A. ; Sp. Tax. 

OH 10 6s, 1375-'86. 

PENNSYLVANIA 5s, 6s of 1867— 1st, 2d and 3d. 

RHODE ISLAND 6s, various. 

SOUTH CAROLINA. , 6s, old and new. 

T2NNESSEE 6s, old; ex. coupon. 

VIRGINIA 6s, old and new; Cons.; Defd. 



<>- 



44 



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46 6 P<rr Ctf»r. Allowed on Deposits, 



RAILROAD STATISTICS. 



Capital No. of 
Stock. Miles. 

Canton Land Company $731,250 

Cleveland and Pittsburg 11,236,150 225 

Columbus, Chicago & Ind. Central 11,328,568 587 

Chicago and Northwestern Common. 15,000,000 1,459 

Preferred 1,000,000 .... 

Chicago, Eock Island and Pacific 24,999,500 957 

Delaware, Lackawanna & Western 23,500,000 618 

Erie Railway Common. 78,000,000 1,032 

" Preferred 8,536,910 .... 

Hannibal and Saint Joseph Common. 9,167,700 275 

Preferred 5,087,224 .... 

Lake Shore and Michigan Southern 50,000,000 1,136 

Milwaukee and Saint Paul Common. 15,398,561 1,395 

" Preferred 12,274,483 

New Jersey Central 20,000,000 291 

New York Central and Hudson 89,428,330 1,032 

New York and Harlem 9,000,000 132 

Ohio and Mississippi Common. 20,000,000 393 

" " Preferred 4,030,000 

Pacific Mail Steamship Co 20,000,000 

Panama Railroad 7,000,000 47 

Quicksilver Mining Co Common. 4,291,300 

" 4i Preferred 5,708,700 

Toledo, Wabash and Western Common. 15,000,000 905 

......Preferred 1,000.000 

Union Pacific R. R.... 36,745,000 1,039 

Western Union Telegraph Co 41,073,410 

The above shows the amount of capital and number of miles 
of some of the principal Railroads. 

Where there is Common and Preferred Stock of the same 
line, the latter takes precedence. Should a dividend be de- 
clared, the Preferred Stock would receive the first benefit. 



LIST OF STOCKS 

DEALT IN AT THE 

NEW YORK STOCK EXCHANGE. 



Ad. Ex 

A in. Ex. 

A. Dist. T 

A. «feP., P'd 

A. it T. H. 

A. «fc T. II., P'd. 

IS. H. «fc E 

IV. W 

IV. W., P'd 

R. I. 

C. Bur. A Q 

C.AA 

C, C. d*I. C 

C, C, C. «fcl 

Clev. dr P 

Con. Coal 

Cen.P 

Can 

»., L. tfc W. 

E. 



E., P'd 

H. dr St. .Io 

H. «fc St. Jo., P'd... 

III. Cen. 

E.S , 

M.C. 

Mo. Pac 

K.dz T 

ri. e. «fc m 

31. dr E 

31il. dr St. P. 

Mil. df SI. P., P'd 

IV. Y. C«-n 

IV. V. «fc IV. H 

Har 

IV. J. Cen 

IV. J. So. 

f».«fc M 

O. dr 31., P'd 



31. 



Pan. 

P. <fe Ft. W 

Qh. M. 

Qu. 31., P'd. 

Iron M. 

Sp. M. Coal 

Wab 

E. S, 
E. P 
-VV. F. 
XV. u. 




Adams Express. 

American Express. 

American District Telegraph Co. 

Atlantic and Pacific Tel. Co., Preferred. 

Alton and Terre Haute. 

Alton and Terre Haute. Preferred. 

Boston, Hartford and Erie. 

Chicago and Northwestern. 

Chicago and Northwestern. Preferred. 

Chicago, Rock Island and Pacific. 

Chicago, Burlington and Quincy. 

Chicago and Alton. 

Columbus, Chicago and Indiana Central. 

Cleveland, Columbus, Cin. and Indiana. 

Cleveland and Pittsburg. 

Consolidation Coal Co. 

Central Pacific. 

Canton Improvement Co. 

Delaware, Lackawanna and Western. 

Erie Railway. 

Erie Railway, Preferred. 

Hannibal and St. Joseph. 

Hannibal and St. Joseph, Preferred. 

Illinois Central. 

Lake Shore and Michigan Southern. 

Michigan Central. 

Missouri Pacific. 

Missouri, Kansas and Texas. 

Mariposa Land and Mining Co. 

Morris and Essex. 

Milwaukee and St. Paul. 

Milwaukee and St. Paul, Preferred. 

New York Central and Hudson River. 

New York, New Haven and Hartford. 

New York and Harlem. 

New Jersey Central. 

New Jersey Southern. 

Ohio and Mississippi. 

Ohio and Mississippi, Preferred. 

Pacific Mail Steamship Co. 

Panama Railroad. 

Pittsburg and Fort Wayne. 

Quicksilver Mining Co.* 

Quicksilver Mining Co., Preferred. 

Saint Louis and Iron Mountain. 

Spring Mountain Coal Co. 

Toledo, Wabash and Western. 

United States Express. 

Union Pacific. 

Wells, Fargo & Co. Express. 

Western Union Telegraph Co. 



48 Puts and Calls on StocAs and Gold. 



NOTES. 



Money may be sent by Postal Money Order or in Reg- 
istered Letter ; large amounts by Express or Bank Draft 
made payable in New York to our order. 

Gold, Stocks or Bonds may be sent safely by Express, 
securely sealed, and the amount marked on outside of 
package. 

Urgent orders may be sent by Telegraph, and the 
money deposited at the nearest branch office of the 
Western Union Telegraph Company, when the amount 
will be transferred to us by the company in New York, 
and telegraphic answer returned immediately the order 
is executed. 

In corresponding, please b,e careful to inform us how 
letters should be addressed, giving Name, Residence 
or Box, Town, County and State, as plainly as possible, 
to ensure quick returns. Delay is sometimes occasioned 
by failure to observe this rule, and that is our apology 
for making these remarks. 

Letters of inquiry will receive our prompt attention- 
Address all orders and communications, 
J. HICKLING & CO., 

72 Broadway, 
• . New York. 
* = -4j 



~ 



-*> 



T H K 




^PECULATION 



SECRETS OF WALL STREET 



FULLY EXPLAINED. 



J. HICKLING & CO., 

gganher^ and gtoob g|i|Qbetjs, 

12 BROADWAY and 11 NEW STREET 

Opposite Stock and 1 k\ r~ \k/ \f s\ r% 1/ 

Gold Exchanges, \ NEW YORK. 



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Russell Brothers, Printers, 17 Rose Street, N, Y. 



J, HICBtWG & CO., 
^ait^m ami Jpto$ l§w^$> 

Ya Broadway ki\d 11 ]Nfewr 0ti<eet, 
NEW YORK, 

5^// Puts and Calls on 10 Shares of Stock. 

Double Privileges negotiated at lowest rates. 

Buy and Sell Stocks and Bonds on margin. 

Investments made in all Securities dealt in at 
the New York Stock Exchange. 

Dividends and Coupons collected. 

Loans negotiated on good collateral security. 

Deposit Accounts opened, subject to Sight Draft 
at 6 per cent, interest, per annum. 

Customers receive 7 per cent, on daily balances. 

All communications strictly private and confi- 
dential. 



A PUT OR CALL. FOR $10.65. 






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